As all eyes are set on the mega Budget event slated to be presented in the Parliament on February 1, 2022, here are top expectations or wishlist of Indian households from the upcoming budget.
Before we go on to list the expectations of the common Indian man-India Inc. as a whole is looking for a pro-growth budget that keeps the growth momentum going while adhering to providing equality and social justice.
Now coming to the core topic:
Better healthcare policies to help Indians cut on their health related expenditure:
As per a survey conducted in top cities in India, Indians are expecting the government to increase its allocation towards healthcare and help the citizens to reduce their overall health related expenses.
Reduction in auto fuel cost:
As per a survey conducted by Kantar-72% of the people are expecting the government to reduce auto fuel cost given the record high prices. While steady for some time, fuel prices across India have risen to record high levels, which are again expected to rise as and when elections in few of the states end. There are expectations that fuel be brought within the ambit of GST and the same shall lower its cost.
Increase in tax deductions limit under Section 80C:
In the current regime, a host of investments, expenses such as tuition fees, repayment of home loan principal are eligible to be claimed for tax deduction under Section 80C and the limit for the same is pegged at Rs. 1.5 lakh annually and the same is sought to be hiked. As per the survey, the young, salaried class customers laid a higher importance on this aspect.
Increase in deduction for medical insurance:
Increase in tax deduction against medical insurance premiums. The deductions for medical insurance are allowed under Section 80 D of the Income Tax Act.
Tax benefits on home purchase:
39% of those surveyed expect higher tax deduction on home loan EMIs together with other benefits on home buying.
"As we step into the third year of the pandemic, the public wants the government to further invest in public health infrastructure and other favourable policies like tax deductions for insurance, which help alleviate the burden of medical expenses," Deepender Rana, executive managing director, South Asia, Insights Division, Kantar is quoted as saying in a leading business publication.
The leading data, insights and consulting company surveyed 1419 citizens across 12 major cities including males and females from different strata i.e. both mass and affluent class and even salaried and business consumers to understand consumer sentiment as well as wishlists from the upcoming budget. As per Kantar, the surveyed population is either sole or joint decision maker in household finances.